Short Interest in Credit Acceptance Co. (NASDAQ:CACC) Decreases By 14.6%

Credit Acceptance Co. (NASDAQ:CACC) was the recipient of a large decrease in short interest in November. As of November 15th, there was short interest totalling 454,100 shares, a decrease of 14.6% from the October 31st total of 531,900 shares. Based on an average daily volume of 61,400 shares, the short-interest ratio is currently 7.4 days. Approximately 7.2% of the shares of the company are sold short.

Insider Transactions at Credit Acceptance

In other Credit Acceptance news, insider Thomas W. Smith sold 1,200 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $451.01, for a total value of $541,212.00. Following the completion of the sale, the insider now owns 74,450 shares in the company, valued at approximately $33,577,694.50. This represents a 1.59 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 5.30% of the stock is currently owned by company insiders.

Institutional Trading of Credit Acceptance

A number of institutional investors have recently modified their holdings of the company. Abrams Bison Investments LLC boosted its holdings in shares of Credit Acceptance by 30.5% in the 3rd quarter. Abrams Bison Investments LLC now owns 228,306 shares of the credit services provider’s stock valued at $101,235,000 after buying an additional 53,306 shares in the last quarter. Smead Capital Management Inc. boosted its holdings in shares of Credit Acceptance by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 207,828 shares of the credit services provider’s stock valued at $92,155,000 after buying an additional 7,012 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Credit Acceptance by 4.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 179,655 shares of the credit services provider’s stock valued at $92,455,000 after buying an additional 7,064 shares in the last quarter. MIG Capital LLC boosted its holdings in shares of Credit Acceptance by 18.7% in the 3rd quarter. MIG Capital LLC now owns 116,491 shares of the credit services provider’s stock valued at $51,654,000 after buying an additional 18,351 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Credit Acceptance by 2.3% in the 3rd quarter. Geode Capital Management LLC now owns 111,379 shares of the credit services provider’s stock worth $49,401,000 after purchasing an additional 2,522 shares in the last quarter. 81.71% of the stock is currently owned by institutional investors.

Credit Acceptance Trading Up 0.7 %

Shares of NASDAQ:CACC traded up $3.46 during trading on Friday, hitting $497.70. The company had a trading volume of 51,011 shares, compared to its average volume of 85,532. The stock has a market cap of $6.03 billion, a price-to-earnings ratio of 33.43 and a beta of 1.42. The company has a debt-to-equity ratio of 3.79, a current ratio of 23.63 and a quick ratio of 23.63. The company has a fifty day simple moving average of $455.85 and a two-hundred day simple moving average of $479.97. Credit Acceptance has a one year low of $409.22 and a one year high of $616.66.

Credit Acceptance (NASDAQ:CACC) last announced its earnings results on Wednesday, October 30th. The credit services provider reported $8.79 earnings per share for the quarter, beating the consensus estimate of $7.88 by $0.91. Credit Acceptance had a net margin of 9.08% and a return on equity of 29.18%. The business had revenue of $550.30 million for the quarter, compared to the consensus estimate of $548.13 million. During the same quarter in the prior year, the firm posted $10.70 earnings per share. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. As a group, equities analysts forecast that Credit Acceptance will post 36.77 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CACC has been the subject of several research reports. StockNews.com raised shares of Credit Acceptance from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. TD Cowen dropped their price objective on shares of Credit Acceptance from $400.00 to $380.00 and set a “sell” rating for the company in a report on Friday, November 1st. Finally, Stephens initiated coverage on shares of Credit Acceptance in a report on Wednesday, November 13th. They set an “equal weight” rating and a $452.00 price objective for the company.

About Credit Acceptance

Credit Acceptance Corporation engages in the provision of financing programs, and related products and services in the United States. The company advances money to automobile dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps the amount collected from the consumers.